The charts are pointing to more all-time highs ahead for Netflix

It's time to binge on shares of Netflix.

That's the message Oppenheimer technician Ari Wald is reading in the charts. The streaming giant hit yet another all-time high Tuesday, further establishing a breakout by the stock that has Wald looking at some key levels to watch.

"You can see the stock breaking through its January peak, that was right at around $287," he said Monday on the "Trading Nation" segment of CNBC's "Power Lunch." "That level should now be viewed as support. On the upside, that breakout measures to about $337."

In other words, the charts are telling Wald that Netflix could rally another 3 percent or so.

And according to Phil Streible, senior market strategist at RJO Futures, Netflix has been a big driver of the Nasdaq. "It's done a really beneficial job for the Nasdaq," he said on "Power Lunch. "We're up 6 percent year to date, far outperforming the S&P 500 and the Dow which are floating right at around unchanged."

Netflix has soared 69 percent year to date.


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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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